nVent Electric plc (NYSE:NVT) Short Interest Update

nVent Electric plc (NYSE:NVT) was the recipient of a large decline in short interest in June. As of June 15th, there was short interest totalling 1,890,000 shares, a decline of 13.3% from the May 31st total of 2,180,000 shares. Currently, 1.2% of the shares of the stock are short sold. Based on an average trading volume of 1,550,000 shares, the short-interest ratio is presently 1.2 days.

Institutional Investors Weigh In On nVent Electric

A number of hedge funds and other institutional investors have recently bought and sold shares of NVT. Norges Bank bought a new stake in nVent Electric during the 4th quarter worth $109,630,000. Balyasny Asset Management L.P. lifted its holdings in nVent Electric by 201.9% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,401,285 shares of the company’s stock worth $82,802,000 after buying an additional 937,149 shares during the period. Schroder Investment Management Group acquired a new position in nVent Electric during the 4th quarter worth about $51,781,000. Goldman Sachs Group Inc. lifted its holdings in nVent Electric by 50.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,633,421 shares of the company’s stock worth $96,519,000 after buying an additional 547,624 shares during the period. Finally, Public Employees Retirement Association of Colorado lifted its holdings in nVent Electric by 2,475.4% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 558,714 shares of the company’s stock worth $33,014,000 after buying an additional 537,020 shares during the period. Institutional investors own 90.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on NVT shares. Royal Bank of Canada dropped their price objective on nVent Electric from $89.00 to $88.00 and set an “outperform” rating for the company in a report on Monday, May 6th. Barclays lifted their price objective on nVent Electric from $85.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, June 4th. The Goldman Sachs Group lifted their price target on nVent Electric from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Deutsche Bank Aktiengesellschaft assumed coverage on nVent Electric in a research note on Monday, March 11th. They issued a “buy” rating and a $83.00 price target on the stock. Finally, Citigroup lifted their price target on nVent Electric from $91.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, May 6th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $89.00.

nVent Electric Price Performance

NVT stock traded up $0.49 during midday trading on Tuesday, reaching $75.62. 804,905 shares of the stock were exchanged, compared to its average volume of 1,400,283. The stock has a market capitalization of $12.55 billion, a PE ratio of 22.05, a P/E/G ratio of 1.68 and a beta of 1.31. nVent Electric has a 52 week low of $45.60 and a 52 week high of $86.57. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.99 and a quick ratio of 1.35. The company has a fifty day moving average price of $78.84 and a 200 day moving average price of $70.18.

nVent Electric (NYSE:NVT) last issued its quarterly earnings data on Friday, May 3rd. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.04. The business had revenue of $874.60 million for the quarter, compared to analyst estimates of $864.14 million. nVent Electric had a return on equity of 17.47% and a net margin of 17.02%. nVent Electric’s quarterly revenue was up 18.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.67 EPS. As a group, analysts expect that nVent Electric will post 3.27 EPS for the current fiscal year.

nVent Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Friday, July 19th will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Friday, July 19th. This represents a $0.76 dividend on an annualized basis and a yield of 1.01%. nVent Electric’s dividend payout ratio is currently 22.16%.

About nVent Electric

nVent Electric plc, together with its subsidiaries, designs, manufactures, markets, installs, and services electrical connection and protection solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company operates through three segments: Enclosures, Electrical & Fastening Solutions, and Thermal Management.